Do I Qualify For The Florida Homestead Exemption?
If you’ve purchased a home in Florida and it’s your primary residence, it is critical that you take advantage of the numerous benefits provided by Florida’s homestead laws. The laws cover real estate taxes, creditor protection and distribution to your heirs. They protect properties up to 160 acres outside of a municipality and up to a 1/2 acre within a municipality.
Did you buy a home in Florida this year?
If you intend to become a full-time resident and take advantage of homestead benefits for the upcoming tax year, along with the other perks of Sunshine State residency, be sure to apply by March 1 of next year. Better yet, knock it out now!
Who qualifies?
Floridians who own their home as of January 1st and count it as their permanent residence.
What are the benefits?
A $25,000 exemption on the first $50,0000 of assessed value
An additional $25,0000 exemption if your home is valued at over $50,000
3% Save Our Homes Cap
Do I need to reapply every year?
No. The property appraiser will renew your homesteadexemption annually as long as you continue to qualify for the exemption.
What if I rent my property out?
You may rent your homesteaded property for 30 days or less per calendar year and maintain a homestead exemption.
What if had a homestead exemption and moved within Florida?
Good news! You can take it with you. This is called portability and if your new residence has a higher market value than your former residence, the portability amount is determined by subtracting the assessed value of the former home from its market value. This allows you to take up to $500,000 in tax benefits with you.
Learn more at the links below:
